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Tit g` <br />South Bend <br />lc' Redevelopment Commission <br />k <br />p7_' <br />! .k ~ 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />DATE: 2/10/25 <br />FROM: <br />SUBJECT: <br />Funding Source* <br />Joseph Molnar, <br />Assistant Director of Growth & Opportunity <br />Development Agreement Grand Leader Building <br />Pres/V-Pres <br />ATTEST- Secretary <br />Date: <br />APPROVED ❑ Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Con�r , s determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REtl1EST: Development Agreement for property located at 229 & 225 S. Michigan Street <br />formerly Center City Building <br />SPECIFICS: The Commission will consider a Development Agreement with Benjamin Miller, who with his wife <br />Christina Miller, are in the process of purchasing the former Center City Building. The developer will be <br />completing a multi -year rehabilitation project of the building including renovating the ground floor for new retail <br />opportunities as well as renovation of the top two (2) floors for a hotel. The project plan also envisions restoring <br />the historic 1920s facade of the building. <br />This Agreement specifies that (1) the Funding Amount provided by Redevelopment Commission will not exceed <br />$900,000 (2) the Developers will take possession of the building no later than July 31, 2025, and (3) the Private <br />Investment by the Developers will be no less than $5.1 million. The Developer agrees to complete the project by <br />the end of 2028. The Funding Amount will be used to replace the roof, restoration of historic fa4ade including <br />new windows, and reconnecting utilities. <br />The reactivation of this long vacant building will restore a historic structure while also bringing vitality and <br />increased commercial activity to downtown South Bend. <br />Staff recommends approval. <br />EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br />1400S County -City Building 227 W Jefferson Bvld South Bend, Indiana 46601 p 574235.9371 wvw.southbendin.gov <br />